Shares in NN Group, the largest Dutch insurer, rose 5.1% on Friday to 30.17 euros after activist investor Elliott Advisors called for changes to the company's strategy to increase share value.
Elliott, which took a 3% stake in NN Group in February, argued in a presentation the company should undertake "operational improvements, reinsurance transactions and outright business sales".
"We believe that optimising Insurance Europe and NN Japan could see the release of 2.5 billion euros in capital," Elliot said in the presentation it published independently.
The investor called for its proposals to be discussed at NN Group's investor day on June 24.
A spokesman for NN Group said the company would issue a response later on Friday.
(Reporting by Toby Sterling; editing by David Evans)